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A limited liability partnership (LLP) is a type of partnership where all partners have limited liability. All partners can also partake in management activities. This is unlike a limited partnership, where at least one general partner must have unlimited liability and limited partners cannot be part of management.
As an LLC member in Utah, youll pay both federal and state personal income tax, along with the federal self-employment tax of 15.3%. Utah collects personal income tax at a flat rate of 4.85%. Other taxes that may apply to your Utah LLC include the states 6.1% sales tax, industry-specific taxes, and employer taxes.
Partners in a general partnership have shared liability for the debts and obligations of the business. Every partner agrees to unlimited personal liability for their actions, the actions of all other partners, and those of any and all employees.
A type of limited partnership. The difference between a limited partnership and an LLLP is that the liability of the general partner in an LLLP is the same as the liability of the limited partner. That is, the liability of all partners is limited to the amount of their investments in the firm.
All limited companies have limited liability for their shareholders, however, partnerships do not issue shares and some partnerships may be structured to have unlimited liability. The structure of ownership and management also differs.

People also ask

An LLC vs LLP vs LP compares three different type of entities with individual business structures. An LLC offers tax flexibility and operational efficiency. An LLP combines the advantages of an LLC with a limited partnership. An LP is best known as a business having silent partners.
What Is the Difference Between an LP and LLP? An LP and LLP have a similar structure. However, LPs have general partners and limited partners, while LLPs have no general partners. All partners in an LLP have limited liability.
A Limited Liability Limited Partnership (LLLP) is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses.
In general partnerships, every partner remains personally liable for the debts and obligations of the partnership. The LP separates at least one general partner with unlimited personal liability from limited partners whose liability typically will not exceed their contribution to the partnership.
In a limited partnership (LP), at least one partner has unlimited liabilitythe general partner(s). The other partners (limited partners) have limited liability, meaning their personal assets typically cannot be used to satisfy business debts and liabilities.

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